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17.03.2014 13:00

European session: The yen declined significantly against the U.S. dollar


00:01 United Kingdom Rightmove House Price Index (MoM) March +3.3% +1.6%

00:01 United Kingdom Rightmove House Price Index (YoY) March +6.9% +6.8%

00:30 Australia New Motor Vehicle Sales (MoM) February -3.5% +0.1%

00:30 Australia New Motor Vehicle Sales (YoY) February -3.0% -3.5%

09:30 United Kingdom BOE Deputy Governor for Financial Stability Jon Cunliffe speaks

10:00 Eurozone Harmonized CPI February -1.1% +0.4% +0.3%

10:00 Eurozone Harmonized CPI, Y/Y (Finally) February +0.8% +0.8% +0.7%

10:00 Eurozone Harmonized CPI ex EFAT, Y/Y February +0.8% +1.0%

11:00 Germany Bundesbank Monthly Report March

Euro traded with little change against the dollar, which was associated with the release of weak data for the euro area and the United States . Traders ignored until the outcome of yesterday's referendum in the Crimea , as they were predictable . Now market participants' attention focused on the U.S. data , namely industrial production , which will soon be presented .

As for the report on the euro area , it showed that the growth of inflation in February slowed to 0.7% per annum after an increase of 0.8 % in January. This was stated in the final data of the Statistical Office . Analysts do not expect the revision of growth from previously reported 0.8%. Prices excluding the cost of fuel and food in the euro zone rose in February compared to February 2013 to 1 %, as predicted by experts . We also add that on a monthly basis , consumer prices in February rose 0.3 %, compared with a decline of 1.1% a month earlier.

Inflation in the 28 countries of the EU in annual terms slowed to 0.8% after 0.9 % in January. From the previous month , consumer prices rose by 0.3%. In February annualized deflation observed in Bulgaria ( -2.1 % ), Cyprus (-1.3 %) , Greece (-0.9 % ), Croatia ( -0.2 %) , Portugal and Slovakia ( -0.1 %). The highest growth rate of consumer prices recorded in Malta and Finland ( 1.6% ) and Austria ( 1.5%). Recall . that the ECB's target level is less than 2 %. In early November last year at a similar level, the ECB cut its inflation rate to a record low of 0.25 % to 0.5%.

Meanwhile, U.S. data showed that the index of activity in the manufacturing sector of the Federal Reserve Bank of New York rose to 5.6 to 4.48 , which was below the forecast of 6.6.

The yen has fallen markedly against the U.S. dollar , which was associated with Kuroda statement on the possible extension of the leniency program . According to him, the Bank of Japan should be prepared to apply the barter easing monetary policy in case of any hint of problems in achieving the inflation target due to the economic downturn. He also noted that consideration of further measures will be made at an early stage - depending on how the economy will react by increasing the tax rate on consumption.

CB Head Kuroda said with confidence : increased sales tax in April will not have a significant negative impact on the economy. He explained : record level measures easing monetary policy , begun in April 2013 , has been applied with the assumption that the consumption tax rate should eventually reach 10% . Kuroda said hardly consumption will be significantly reduced .

Australian dollar strengthened against the U.S. currency , despite the increased geopolitical risks associated with the Crimea , who last weekend called for the annexation to Russia . More than 95 % of Crimeans voted to become part of the Russian Federation , according to preliminary results of the referendum , which raises the likelihood of acute confrontation between East and West.

U.S. and European Union quickly denounced the referendum , calling it illegal. U.S. President Barack Obama , in a telephone conversation with Russian President Vladimir Putin , said the vote was held " under duress and threat of Russian military intervention " and will not be acknowledged . The focus will now be on the sanctions against Russia from the West, and how Russia it responds to .

Traders said the strong Australian currency exchange rate was partly the result of rising expectations that the central bank will raise interest rates at its next meeting .

EUR / USD: during the European session, the pair fell to $ 1.3877 , but then recovered to $ 1.3910

GBP / USD: during the European session, the pair fell to $ 1.6603

USD / JPY: during the European session, the pair rose to Y101.83

At 13:15 GMT the U.S. will release capacity utilization for February and announce the change of volume of industrial production for February. At 14:00 GMT the United States will present housing market index from the NAHB for March.

17.03.2014 12:44


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